The state report on tax revenue for July shows money came in ahead of last year and ahead of forecast.
July Net Available General Revenues total $410.2 million, $6.4 million or 1.6 percent above last year and $7.6 million or 1.9 percent above forecast.
Results in July were mixed, as Individual Income tax fell slightly below forecast, Corporate Income tax and Sales tax slightly exceeded, and income tax refunds contributed to gains by detracting from revenue growth less than expected.
Monthly timing factors contributed to the mixed pattern, as individual withholding was below forecast and below year ago results. Payday timing effects on collections cause monthly swings and added volatility that is not present in the Official Annual Forecast. It is a short-term factor for collections.
Sales and Use tax collections were encouraging at 4.5 percent growth versus year ago and slightly above forecast. The results include high growth from the motor vehicle portion of sales tax.
These numbers may not signal a boom, but they don’t signal a bust either.